Revenue and Profitability - Revenue for the six months ended June 30, 2024, was RMB 2,041,461 thousand, representing a 48.3% increase from RMB 1,376,370 thousand in the same period of 2023[2] - The company reported a net profit attributable to shareholders of RMB 10,907 thousand, a 24.6% increase from RMB 8,751 thousand in the same period of 2023[2] - The group's net profit for the six months ended June 30, 2024, was RMB 10.9 million, an increase from RMB 8.8 million for the same period in 2023, representing a growth of approximately 23.86%[25] - Adjusted net profit turned from a loss of RMB 17.4 million in the first half of 2023 to a profit of RMB 50.9 million in the first half of 2024[7] - The profit attributable to equity holders for the six months ended June 30, 2024, was RMB 10,907,000, an increase of 24.6% compared to RMB 8,751,000 for the same period in 2023[70] Store Operations and Growth - The number of stores increased to 914 as of June 30, 2024, from 672 a year earlier, with 363 stores in Beijing and Shanghai and 551 in emerging markets[4] - The number of new stores opened in the first half of 2024 was 146, bringing the total number of stores to 914 as of June 30, 2024[10] - The company plans to open approximately 240 new stores in 2024, with 31 stores already opened and 29 under construction as of August 20, 2024[8] - The number of cities entered increased to 33 as of June 30, 2024, from 20 a year earlier[4] Membership and Customer Metrics - The number of members reached 19.4 million as of June 30, 2024, compared to 10.9 million a year earlier[4] - Membership increased from 10.9 million as of June 30, 2023, to 19.4 million as of June 30, 2024, with member contributions to total revenue rising from 58.5% to 63.6%[6] - Average daily sales per store increased by 10.1% from RMB 12,275 to RMB 13,515, driven by an increase in average daily orders from 140 to 162[9][11] Financial Performance and Ratios - Adjusted EBITDA for the six months ended June 30, 2024, was RMB 233,387 thousand, an 83.7% increase from RMB 127,022 thousand in the same period of 2023[2] - Store-level EBITDA for the six months ended June 30, 2024, was RMB 393.9 million, compared to RMB 257.4 million for the same period in 2023, representing an increase of approximately 53.0%[29] - The adjusted EBITDA margin for the six months ended June 30, 2024, was 11.4%, up from 9.2% in the same period of 2023, indicating improved operational efficiency[28] - The diluted earnings per share for the six months ended June 30, 2024, was RMB 0.08, compared to RMB 0.07 in the same period of 2023, reflecting a 14.3% increase[2] Expenses and Cost Management - Employee compensation expenses for the six months ended June 30, 2024, amounted to RMB 711.9 million, an increase of RMB 166.1 million or 30.4% compared to RMB 545.8 million for the same period in 2023[13] - Rent expenses for the six months ended June 30, 2024, were RMB 201.7 million, an increase of RMB 62.3 million or 44.7% from RMB 139.4 million in 2023, despite a decrease in rent expenses as a percentage of revenue from 10.1% to 9.9%[15] - Advertising and promotion expenses rose to RMB 109.3 million, an increase of RMB 28.2 million or 34.8% from RMB 81.1 million in the previous year, with expenses as a percentage of total revenue decreasing from 5.9% to 5.4%[19] - The cost of raw materials and consumables for the six months ended June 30, 2024, was RMB 557.8 million, a 46.6% increase from RMB 380.4 million in the same period in 2023[12] Cash Flow and Liquidity - Cash and bank balances increased by 6.9% to RMB 1,089.3 million as of June 30, 2024, compared to RMB 1,019.2 million as of December 31, 2023, primarily due to cash inflows from operating activities[30] - Net cash flow from operating activities was RMB 376,809 thousand, significantly higher than RMB 174,758 thousand in the previous year, reflecting improved operational efficiency[51] - The current ratio as of June 30, 2024, was 1.01, down from 1.19 as of December 31, 2023, indicating a slight decrease in liquidity position[31] Corporate Governance and Compliance - The company has established an audit and risk committee, ensuring compliance with corporate governance standards[43] - The company has adopted corporate governance practices in line with the listing rules, maintaining high standards of accountability[41] - There are no major litigations or arbitrations involving the company as of June 30, 2024, indicating a low legal risk environment[45] Future Outlook and Strategic Plans - The company plans to continue expanding its store network in China, leveraging its exclusive rights under the franchise agreement with Domino's Pizza International Franchising Inc. until June 1, 2027[52] - Approximately 90% of the net proceeds from the global offering is intended for store network expansion, with a revised timeline for utilization by December 31, 2025[46]
达势股份(01405) - 2024 - 中期业绩